Freshworks (NASDAQ:FRSH) Price Target Lowered to $16.00 at Scotiabank

Freshworks (NASDAQ:FRSH) had its price objective reduced by Scotiabank from $18.00 to $16.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a sector perform rating on the stock.

Several other research analysts also recently weighed in on FRSH. JMP Securities lowered their target price on Freshworks from $29.00 to $21.00 and set a market outperform rating on the stock in a research note on Thursday, May 2nd. StockNews.com cut shares of Freshworks from a buy rating to a hold rating in a research note on Saturday, June 22nd. Robert W. Baird downgraded shares of Freshworks from an outperform rating to a neutral rating and cut their price objective for the stock from $28.00 to $16.00 in a research report on Thursday, May 2nd. Morgan Stanley dropped their price target on shares of Freshworks from $22.00 to $18.00 and set an equal weight rating on the stock in a research note on Thursday, May 2nd. Finally, Barclays cut their price target on shares of Freshworks from $20.00 to $15.00 and set an equal weight rating for the company in a report on Friday, May 3rd. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $19.40.

Freshworks Price Performance

Shares of NASDAQ:FRSH opened at $11.67 on Wednesday. Freshworks has a 1-year low of $11.24 and a 1-year high of $24.98. The stock has a market cap of $3.49 billion, a P/E ratio of -29.17 and a beta of 0.74. The firm has a fifty day moving average price of $12.79 and a 200 day moving average price of $16.59.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, July 30th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02. Freshworks had a negative net margin of 15.72% and a negative return on equity of 9.08%. The business had revenue of $174.13 million during the quarter, compared to the consensus estimate of $169.05 million. During the same quarter in the prior year, the firm earned ($0.12) earnings per share. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. Sell-side analysts expect that Freshworks will post -0.34 EPS for the current fiscal year.

Insider Transactions at Freshworks

In related news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $11.60, for a total value of $97,927.20. Following the sale, the director now directly owns 22,530 shares of the company’s stock, valued at approximately $261,348. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Zachary Nelson sold 8,442 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $11.60, for a total value of $97,927.20. Following the sale, the director now directly owns 22,530 shares in the company, valued at $261,348. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Barry L. Padgett sold 5,546 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $12.77, for a total value of $70,822.42. Following the sale, the director now owns 26,957 shares in the company, valued at approximately $344,240.89. The disclosure for this sale can be found here. Insiders sold 42,738 shares of company stock valued at $541,557 in the last 90 days. 19.15% of the stock is currently owned by insiders.

Institutional Trading of Freshworks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its position in shares of Freshworks by 5.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,304,325 shares of the company’s stock worth $30,639,000 after acquiring an additional 67,254 shares during the last quarter. Vanguard Group Inc. raised its stake in Freshworks by 6.8% during the first quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock worth $385,525,000 after purchasing an additional 1,354,530 shares during the period. FACT Capital LP boosted its holdings in shares of Freshworks by 9.3% in the 4th quarter. FACT Capital LP now owns 764,373 shares of the company’s stock valued at $17,955,000 after purchasing an additional 64,957 shares during the last quarter. Norges Bank purchased a new stake in shares of Freshworks during the 4th quarter valued at $44,919,000. Finally, ProShare Advisors LLC increased its holdings in shares of Freshworks by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 29,127 shares of the company’s stock worth $530,000 after buying an additional 2,293 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company’s stock.

About Freshworks

Freshworks Inc, a software development company, provides software-as-a-service products worldwide. It offers Freshworks Customer Service Suite, which provides automated, personalized self-service on various channels, including web, chat, mobile messaging, email, and social; Freshdesk, a ticketing-centric customer service solution; Freshsuccess, a customer success solution; and Freshchat that provides agents with a modern conversational experience to proactively engage customers across digital messaging channels.